"I think the Federal Reserve should remain independent, as much as it can," the Alabama Republican said.
A top Senate Republican is warning President Donald Trump not to fire Federal Reserve Chairman Jerome Powell on Saturday amid the president’s evident distaste for Powell’s moves to raise interest rates.
Sen. Richard Shelby (R-Ala.), a former Banking Committee chairman who currently chairs the Senate Appropriations Committee, said Trump needs to be « very careful » how he proceeds with Powell. Powell was confirmed in January by the Senate, 84-13.
« The Federal Reserve is set up to be independent of the presidency. Although I disagree with Powell at times, I’ve been on the Banking Committee longer than most people ever have, and I chaired it.
